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Tuesday, July 15, 2008

Daily Observations - The Business Plan

Whenever you write a business plan the Executive Summary should be done last as it is comprised of a synthesis of all the other questions and answers. When you are finished writing your first draft, you will have a collection of small essays on the various topics of the business plan.

Then you will want to edit them into a smooth-flowing narrative. I cannot emphasize this enough. This has to be your work, not the work of someone else. Banks want to see what the new owner has in mind for his or her business. Banks are not interested in what a professional business coach, a SCORE representative or your CPA has written about how the business will function.

They want to see what the potential business owner has written. If you are not aware of what is in YOUR Business Plan, then you will not be able to talk intelligently when you are interviewed, which you inevitably will be, when you are seeking outside capital.

The real value of creating your own business plan is having the tools necessary to research and think about your new venture in a logical and methodical way. The act of planning helps you to think about the important elements of your business, to do additional research and study when needed, to look at your plans and ideas critically and to make those critical costly changes before they are implemented. For our 25 page business plan template e-mail me at

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